HIGHLIGHTS OF FIRST QUARTER 2026
$98.4 million stockholders' equity as of March 31, 2026 and $86.5 million tangible book value(1) as of March 31, 2026
$56.4 million consolidated total available liquidity(2) as of March 31, 2026, consisting of:
$14.5 million cash and cash equivalents
$14.9 million of liquidity available to UACC under the warehouse credit facilities
$27.0 million of available liquidity from delayed draw facility, further strengthening our liquidity position to execute our long-term strategy
$22.5 million preferred stock issued by Vroom Automotive LLC to SPE Holdings in January 2026
$(19.6) million net loss attributable to controlling interest and common shareholders for the first quarter 2026
$(18.2) million adjusted net loss(3) for the first quarter 2026
$11.7 million increase in net loss and $20.6 million decrease in adjusted net loss(3) for the trailing twelve months ended March 31, 2026 compared to trailing twelve months ended March 31, 2025
$25.0 to $30.0 million updated full year adjusted net loss guidance(4)
$28.5 million existing notes expected to be exchanged for $50.0 million new Senior Secured Delayed Draw Convertible Note due 2032, expected to close in June 2026
(1)
Tangible book value is a non-GAAP measure and represents total stockholders' equity of $98.4 million, excluding intangible assets of $11.9 million as of March 31, 2026.
(2)
Total available liquidity is a non-GAAP measure and represents $14.5 million of unrestricted cash and cash equivalents, as well as $14.9 million of availability from warehouse credit facilities and $27.0 million of availability from delayed draw facility.
(3)
Adjusted net income (loss) is a non-GAAP measure. For definitions and a reconciliation to the most comparable GAAP measure, please see Non-GAAP Financial Measures section below.
(4)
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures for the full year 2026 Financial Outlook is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the costs and expenses that may be incurred in the future. We have provided a reconciliation of GAAP to non-GAAP financial measures for historical periods in the reconciliation table in the Non-GAAP Financial Measures above.
Tom Shortt, Chief Executive Officer of Vroom, said, "During the first quarter 2026 we introduced our new dealer portal Fast Lane, on the same state-of-the-art technology platform as our Credit Decision Engine which was implemented in 2025. We continue to make technology investments and are excited about the additional value we can bring to dealers and consumers as we continue to add new functionality to this platform. Early performance indicators and multivariate loss projections indicate strong performance from vintages underwritten since Q3 2025 under this new model."
Fresh Start Accounting
As a result of emerging from a voluntary proceeding (the "Prepackaged Chapter 11 Case") under Chapter 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended from time to time, on January 14, 2025, (the "Effective Date") and qualifying for the application of fresh-start accounting, at the Effective Date, Vroom's assets and liabilities were recorded at their estimated fair values which, in some cases, are significantly different than amounts included in our financial statements prior to the Effective Date. Accordingly, our consolidated financial statements after the Effective Date are not comparable with our consolidated financial statements on or before that date. References to "Successor" relate to our financial position and results of operations after the Effective Date. References to "Predecessor" refer to our financial position and results of operations on or before the Effective Date.
The combined results (referenced as "Non-GAAP Combined" or "Combined") for the three months ended March 31, 2025, represent the sum of the reported amounts for the Predecessor period from January 1, 2025, through January 14, 2025, and the Successor period from January 15, 2025, through March 31, 2025. These combined results are not considered to be prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and have not been prepared as pro forma results per applicable regulations. The combined operating results do not reflect the actual results we would have achieved absent our emergence from the Prepackaged Chapter 11 Case and are not necessarily indicative of future results. Accordingly, the results for the combined three months ended March 31, 2025, (prepared on a Non-GAAP basis) and three months ended March 31, 2026, (prepared on a GAAP basis) may not be comparable, particularly for statement of operations line items significantly impacted by the reorganization transactions and the impact of fresh start accounting.
FIRST QUARTER 2026 FINANCIAL DISCUSSIONAll financial comparisons are on a year-over-year basis unless otherwise noted. The following financial information is unaudited.
Successor
Predecessor
Non-GAAP Combined
Non-GAAP
Non-GAAP
Three months ended March 31,
Period from January 15 through March 31,
Period from January 1 through January 14,
Three monthsended March 31,
2026
2025
2025
2025
$ Change
% Change
(in thousands)
Interest income
$
42,476
$
37,157
$
7,183
$
44,340
$
(1,864
)
(4.2
)%
Interest expense:
Warehouse credit facility
3,439
4,618
1,017
5,635
(2,196
)
(39.0
)%
Securitization debt
8,620
6,548
1,178
7,726
894
11.6
%
Total interest expense
12,059
11,166
2,195
13,361
(1,302
)
(9.7
)%
Net interest income
30,417
25,991
4,988
30,979
(562
)
(1.8
)%
Realized and unrealized losses, net of recoveries
24,683
11,100
6,792
17,892
6,791
38.0
%
Net interest income (loss) after losses and recoveries
5,734
14,891
(1,804
)
13,087
(7,353
)
(56.2
)%
Noninterest income:
Servicing income
1,139
1,254
192
1,446
(307
)
(21.2
)%
Warranties and GAP income, net
2,686
4,079
307
4,386
(1,700
)
(38.8
)%
CarStory revenue
1,333
2,392
432
2,824
(1,491
)
(52.8
)%
Other income
2,041
2,481
113
2,594
(553
)
(21.3
)%
Total noninterest income
7,199
10,206
1,044
11,250
(4,051
)
(36.0
)%
Expenses:
Compensation and benefits
19,146
16,067
2,823
18,890
256
1.4
%
Professional fees
4,520
5,347
297
5,644
(1,124
)
(19.9
)%
Software and IT costs
3,161
2,402
457
2,859
302
10.6
%
Depreciation and amortization
1,340
575
1,057
1,632
(292
)
(17.9
)%
Interest expense on corporate debt
1,212
480
176
656
556
84.8
%
Impairment charges
—
4,156
—
4,156
(4,156
)
(100.0
)%
Other expenses
2,408
2,370
371
2,741
(333
)
(12.1
)%
Total expenses
31,787
31,397
5,181
36,578
(4,791
)
(13.1
)%
Loss from continuing operations before reorganization items and provision for income taxes
(18,854
)
(6,300
)
(5,941
)
(12,241
)
(6,613
)
54.0
%
Reorganization items, net
—
—
51,036
51,036
(51,036
)
(100.0
)%
(Loss) income from continuing operations before provision for income taxes
(18,854
)
(6,300
)
45,095
38,795
(57,649
)
(148.6
)%
Provision for income taxes from continuing operations
192
150
5
155
37
23.9
%
Net (loss) income from continuing operations
$
(19,046
)
$
(6,450
)
$
45,090
$
38,640
$
(57,686
)
(149.3
)%
Net (loss) income from discontinued operations
$
(12
)
$
99
$
(4
)
$
95
$
(107
)
(112.6
)%
Net (loss) income
$
(19,058
)
$
(6,351
)
$
45,086
$
38,735
$
(57,793
)
(149.2
)%
Preferred stock dividends attributable to noncontrolling interests of subsidiary
(571
)
—
—
—
(571
)
100.0
%
Net (loss) income attributable to controlling interest and common shareholders
$
(19,629
)
$
(6,351
)
$
45,086
$
38,735
$
(58,364
)
(150.7
)%
Results by Segment
UACC
Successor
Predecessor
Non-GAAP Combined
Non-GAAP
Non-GAAP
Three months ended March 31,
Period from January 15 through March 31,
Period from January 1 through January 14,
Three months ended March 31,
2026
2025
2025
2025
Change
% Change
(in thousands)
Interest income
$
42,476
$
37,157
$
7,254
$
44,411
$
(1,935
)
(4.4
)%
Interest expense:
Warehouse credit facility
3,439
4,618
1,017
5,635
(2,196
)
(39.0
)%
Securitization debt
8,620
6,548
1,178
7,726
894
11.6
%
Total interest expense
12,059
11,166
2,195
13,361
(1,302
)
(9.7
)%
Net interest income
30,417
25,991
5,059
31,050
(633
)
(2.0
)%
Realized and unrealized losses, net of recoveries
24,823
12,691
7,647
20,338
4,485
22.1
%
Net interest income (loss) after losses and recoveries
5,594
13,300
(2,588
)
10,712
(5,118
)
(47.8
)%
Noninterest income:
Servicing income
1,139
1,254
192
1,446
(307
)
(21.2
)%
Warranties and GAP income, net
2,765
3,571
390
3,961
(1,196
)
(30.2
)%
Other income
2,007
2,235
66
2,301
(294
)
(12.8
)%
Total noninterest income
5,911
7,060
648
7,708
(1,797
)
(23.3
)%
Expenses:
Compensation and benefits
16,737
13,694
2,398
16,092
645
4.0
%
Professional fees
3,364
3,069
172
3,241
123
3.8
%
Software and IT costs
2,965
2,086
367
2,453
512
20.9
%
Depreciation and amortization
1,235
479
817
1,296
(61
)
(4.7
)%
Interest expense on corporate debt
761
480
85
